Harvest Portfolios Group Inc. Trims Stake in Bitfarms Ltd. (NASDAQ:BITF)

Harvest Portfolios Group Inc. reduced its stake in shares of Bitfarms Ltd. (NASDAQ:BITF) by 32.2% in the 3rd quarter, Holdings Channel reports. The fund owned 96,528 shares of the company’s stock after selling 45,850 shares during the period. Harvest Portfolios Group Inc.’s holdings in Bitfarms were worth $203,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently bought and sold shares of the stock. Tidal Investments LLC grew its holdings in Bitfarms by 58.4% in the first quarter. Tidal Investments LLC now owns 6,975,538 shares of the company’s stock valued at $15,555,000 after purchasing an additional 2,571,647 shares during the period. Van ECK Associates Corp grew its holdings in Bitfarms by 17.7% in the third quarter. Van ECK Associates Corp now owns 6,075,744 shares of the company’s stock valued at $11,969,000 after purchasing an additional 911,952 shares during the period. Vident Advisory LLC grew its holdings in Bitfarms by 51.4% in the first quarter. Vident Advisory LLC now owns 2,606,970 shares of the company’s stock valued at $5,812,000 after purchasing an additional 885,217 shares during the period. Marshall Wace LLP acquired a new stake in Bitfarms in the second quarter valued at approximately $4,016,000. Finally, Cetera Investment Advisers grew its holdings in Bitfarms by 42.7% in the second quarter. Cetera Investment Advisers now owns 999,783 shares of the company’s stock valued at $2,579,000 after purchasing an additional 299,273 shares during the period. 20.59% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. HC Wainwright reissued a “buy” rating and issued a $4.00 price objective on shares of Bitfarms in a report on Monday, September 23rd. Cantor Fitzgerald reissued an “overweight” rating and issued a $5.00 price objective on shares of Bitfarms in a report on Thursday, October 3rd. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Bitfarms currently has an average rating of “Moderate Buy” and a consensus target price of $3.66.

Bitfarms Stock Performance

Shares of NASDAQ:BITF opened at $2.25 on Friday. The company has a debt-to-equity ratio of 0.03, a current ratio of 5.11 and a quick ratio of 5.09. The business’s 50 day moving average price is $2.00 and its 200-day moving average price is $2.22. The firm has a market capitalization of $1.02 billion, a PE ratio of -6.43 and a beta of 3.64. Bitfarms Ltd. has a 1 year low of $1.01 and a 1 year high of $3.91.

Bitfarms (NASDAQ:BITF) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.04. The firm had revenue of $41.55 million for the quarter, compared to analyst estimates of $44.59 million. Bitfarms had a negative return on equity of 18.94% and a negative net margin of 62.79%. As a group, equities research analysts expect that Bitfarms Ltd. will post -0.3 earnings per share for the current fiscal year.

About Bitfarms

Bitfarms Ltd. engages in the mining of cryptocurrency coins and tokens in Canada, the United States, Paraguay, and Argentina. It owns and operates server farms that primarily validates transactions on the Bitcoin Blockchain and earning cryptocurrency from block rewards and transaction fees. The company also provides electrician services to commercial and residential customers in Quebec, Canada.